Half Year 2023 Luceco PLC Earnings Call Transcript
All right, thank you very much, everybody. Luceco interim results for 2023. The RNS out this morning, and those results are slightly ahead of what we forecast in our half-year update at the end of July. Revenue of GBP101 million, which is 5% down year on year, and adjusted operating profit of GBP10.8 million, which is 6% down year on year. This reflects a return to extremely strong gross margins, which we can speak more about later, but they should be higher in the second half also.
Adjusted EPS of approximately 5p, higher levels of interest and also tax, mean that is a minus 13.8% year-on-year reduction. And the covenant net debt ratio of 1.3 at the lower end of our targeted range of one to two times. So the business has performed stronger as the half has gone on. I think the first half was something like minus 13% -- I'm sorry, I think the first quarter was minus 13%, and the second quarter was stronger, and the third quarter will be stronger still.
You will recall that in 2021, our customers overstocked themselves by approximately GBP25 million. In 2022,
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